In the era of Web3, a new community is emerging as a guiding light in the realm of art appreciation and creation. Their mission is to revolutionize the way we support and collect art while embracing the advancements of technology.
James Baggett, the Executive Director of the Foundation for Art and Blockchain (FAB), leads FAB DAO in establishing an inclusive and democratic platform. Here, individual collectors are empowered to not only appreciate art but also become patrons of their favorite artists. This transformative approach allows art enthusiasts to actively engage in decision-making, provide financial support, and contribute to the success of artistic initiatives they hold dear.
In our conversation with James, he unveils the distinctive model of FAB DAO and its potential to redefine the roles of collectors and patrons in the digital art space. Discover the upcoming projects, the benefits for artists, and how this innovative platform aims to disrupt the traditional art world.
The concept behind FABDAO is straightforward: it introduces a platform that empowers collectors to transition into the role of art patrons. How does it work?
Baggett provides an explanation: "When art is sold through FAB DAO, the proceeds are pooled into a collective treasury. Those who own the sold artwork can then propose and participate in voting for various artistic initiatives to receive funding. Our community forum serves as a space for discussions, proposals, and voting. Once the voting period concludes, the funds are disbursed."
For artists, FAB DAO offers numerous benefits and incentives. According to Baggett, the network of collectors provides valuable exposure, and the platform's funding resources offer additional support for artists and their projects. Baggett further explains, "We anticipate sponsoring residencies, covering expenses related to minting and development, providing commissions, and facilitating gallery placements. The possibilities are extensive, as long as it aligns with our mission of supporting individuals and projects at the intersection of blockchain and creativity. Our members have connections with galleries, platforms, and organizations that can greatly assist artists in showcasing their artwork to the world."
FAB DAO has the potential to greatly enhance the cultural significance of art within the decentralized Web3 landscape. According to James, FAB DAO's impact can be viewed from two primary angles.
Firstly, their aim is to "facilitate the creation of more art, thereby enriching the world with its beauty." This noble endeavor adds to the vibrant tapestry of digital art and nurtures a global community of creators, collectors, and enthusiasts.
On a deeper level, FAB DAO seeks to disrupt the established systems of the traditional art world, where a select few "tastemakers" wield significant influence over the art market. James points out, "Currently, half of the top ten most valuable artists are represented by just two galleries in New York City: Gagosian and David Zwirner."
FAB DAO stands as a compelling alternative to this concentration of control. As James explains, "FAB DAO provides a platform for anyone to actively participate in the creation, promotion, and overall guidance of the creative realm. Engaging in this collective endeavor is of utmost importance, and web3 offers exceptional tools for achieving this through token-based governance, where a diverse and evolving group of stakeholders contribute ideas and make collective decisions."
This collective approach, facilitated by token-based governance, fosters a dynamic and inclusive community of stakeholders who contribute ideas and make collective decisions. As James emphasizes, "In this realm, it's not about who you are or who you know. It's about what you bring to the world."
Preparing for its highly anticipated debut on May 18, FAB DAO is poised to broaden its influence in the art community through the sale of 'Giving Shape' by ippsketch.
'Giving Shape' comprises a generative collection of 300 artworks. The greater the price you pay, the more distinctive your artwork becomes. And what awaits you? Acquiring ownership not only grants you a captivating piece of art but also provides access to FAB DAO, where boundless possibilities await. DAOs, known as Decentralized Autonomous Organizations, are entities that collaboratively operate to achieve a shared objective, relying on community-driven decision-making rather than centralized authority.
FAB DAO not only facilitates the creation of art but also aims to disrupt entrenched systems in the traditional art world.
Looking ahead, Baggett envisions FAB DAO as a pivotal platform in the digital era of art ownership. He expresses, "Through the curation led by collectors, we believe we can establish ourselves as a platform for some of the most significant works in the emerging age of digital art ownership." The plan involves organizing more sales, supporting additional artists, and expanding its role within the art ecosystem, including a strong interest in hosting in-person events.
James greatly admires how Bright Moments has ingeniously incorporated live events into the realm of generative art. "I believe that such endeavors will continue to evolve, and we would love to explore similar opportunities. However, ultimately, the community decides the best paths for expansion and evolution."
But what about the crypto winter, you may wonder? For James Baggett, "It is a time for building. Having experienced multiple crypto bear markets, I have witnessed firsthand that the strongest communities are forged when financial rewards may not be immediate, but the conviction in the transformative potential of this technology remains unwavering." Like many of us in the Web3 industry, Baggett takes a "long time-frame" perspective.
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